Former Vice President of the Federal Republic of Nigeria, Yemi Osinbajo, has called for a transformative shift towards sustainable housing practices to tackle both the climate crisis and the growing lack of access to affordable shelter.
He made this call at the 75th International Real Estate Federation World Real Estate Congress hosted by the Nigeria Chapter in Lagos recently.
He called for a shift towards sustainable housing practices that reduce harm to the planet and make shelter more accessible to all.
He said, “Every profession that addresses fundamental human needs must reach beyond profit. In healthcare, for example, one will applaud a doctor who says, ‘I only do this for money.’ Why? Because he deals with fundamental human problems, life and death. The service of a doctor carries moral weight, and so it must be with real estate as well, especially because it is about shelter, a basic human necessity.
The opportunity to be a professional in the providing of homes cannot be just business. It simply cannot just be business because it carries an important social and civic responsibility, providing shelter for all.
“Practitioners should think about the majority, the millions, especially in the global south, particularly Africa, who are still without decent homes to live in and to provide for their families. Nigeria is growing by six million yearly; that is like adding Liberia to our country yearly. That means six million will need shelter, stability and dignity. Yet, in many countries of the Global South, like us, the dream of home ownership is out of reach. Every human and family that they make deserve a home, a decent, healthy place for self and family. But that simple expectation of life is complicated first by the availability of homes, which itself is a function of affordability.
“Africa is urbanising rapidly; by 2050, more than 60 per cent of our population will actually live in cities. Yet we already face a housing deficit of over 50 million units. Aside from affordability, we have the effect of the twin crisis of climate and conflict, and both have continuously destroyed existing housing stocks and hindered the building of urban houses and homes to replenish the stock that is being depleted.
“Housing is not a luxury, nor is it just an asset class; it is a right, a platform for dignity, stability and opportunity. We must see both the opportunity and the responsibility in providing homes for all. So, the real estate practitioner is more than a builder of homes or places of commerce. You are a visionary architect of the society itself, and you are called to lay the foundation for equity to raise the world that shelters dignity and to shape communities that are resilient, inclusive and alive with opportunity. Your works don’t just create spaces but actually create the future.”
Echoing Osinbajo’s call, FIABCI Nigeria’s President, Akin Opatola, said real estate was not just about buildings but about people and progress.
He said, “Lagos is a city full of energy and potential, ready to lead the way in innovation and sustainable development.”
In a message delivered at the event, FIABCI World President Ramon Riera said the congress marked a turning point, not just for Africa, but for the global property market.
He added, “Lagos, with its fast growth and vibrant culture, is the perfect place to explore new ideas in real estate and push for a more inclusive, eco-conscious future.”
